Imagination Park Acquires Key Patents for the Augmented Reality Industry
Patent Portfolio Covers Augmented Reality and Location Based Games
VANCOUVER, May 16, 2019 /PRNewswire/ - Imagination Park Technologies Inc. (CSE: IP) (OTC: IPNFF), ("Imagination Park" or the "Company") has acquired a patent portfolio from XMG Studio Inc., which was a pioneer in augmented reality ("AR") gaming and Location Based Games in the 2009-2011 timeframe, including the developer of the successful GhostbustersTM Paranormal Blast game in partnership with Sony. Patents US 8,668,592 and US 8,777,746, included in the portfolio, are the valued IP assets Imagination Park plans to leverage for its XenoHolographic™ AR Platform and license to its clients as well as AR gaming companies from a soon to be formed wholly-owned subsidiary. Imagination Park will pay XMG Studio CAN$50,000 in cash and 5 million shares for the portfolio and the transaction is anticipated to close on May 21, 2019.
According to Alen Paul Silverrstieen, CEO of Imagination Park, "We have been interested in this specific patent portfolio since last summer and are thrilled to secure this intellectual property as the Augmented Reality industry is expected to significantly grow in the coming years. These patents can protect our client AR location-based implementations as well as can generate new license revenue from other companies, which are leveraging AR to deliver immersive gameplay by location."
We believe Imagination Park has one of the most advanced AR platforms in the market today and their target market is in complete alignment with this valuable patent portfolio", said Ray Sharma, former Founder of XMG Studio Inc. and presently Founding Partner and CEO of Extreme Venture Partners. "We have full confidence in Imagination Park's management team to execute on their strategic business plan and successfully deliver AR to the global marketplace."
The core portfolio of 5 issued patents covers multiple new and growing uses for Augmented Reality gaming where geolocation is a key part of the gameplay. In popular use cases, mobile game players activate their cameras to engage gameplay where their characters can see and interact with the world around them. The player's location is detected -- and this is key -- the gameplay and storyline options will change depending on the player's actual locations. As players interact with the game and other players, both at their current locations, and as they move to other locations over time, the patented systems and methods change the storyline.
Imagination Park acquired five properties including U.S. Patent 8,668,592 for "Systems and Methods of Changing Storyline based on Player Location,", No. 8,777,746 for "Gestures to Encapsulate Intent", No. 8,759,710 for "Systems and Methods of Virtual Goods Trading Using Ratings to Ascribe Value to Virtual Goods", No. 8,882,595 for "Systems and Methods of Importing Virtual Objects using Barcodes", and No. 8,903,132 for "Efficient System and Method for Body Part Detection and Tracking". Former XMG Studio Founder Ray Sharma is credited as one of the inventors on each patent and application.
About Imagination Park
Imagination Park Technologies Inc. (CSE: IP) (OTC: IPNFF) is an augmented reality (AR) platform that enables businesses of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds. Customers simply point their mobile device at logos, signs, buildings, products, landmarks and more to instantly engage videos, information, advertisements, coupons, 3D holograms and any interactive content all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The AR Enterprise platform supports both IOS and Android mobile devices and upcoming wearable technologies.
For more information or to explore working with Imagination Park, please email [email protected], or visit www.imaginationpark.com.
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ON BEHALF OF THE BOARD
Alen Paul Silverrstieen
President & CEO
(818) 850-2490
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The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release. This press release may include 'forward-looking information' within the meaning of Canadian securities legislation, concerning the business of the Company. The forward-looking information is based on certain key expectations and assumptions made by Imagination Park's management. Although Imagination Park believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Imagination Park can give no assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release, and Imagination Park disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE Imagination Park Technologies Inc.
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